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What is Cyber Liability Insurance

Hackers. These are not just dodgy movie characters but real life people, doing real damage to businesses across the globe, including Australia. If you’re thinking your small business down under is of no interest to these criminals, think again. Every business with an online presence is at risk of a cyber attack and with cyber crime claiming 1,000,000 victims per day, it might be time to bite the bullet and get the right cover for your business.

Cyber Liability Insurance covers your business against the expense and legal costs associated with data breaches, which may occur after being hacked or from the theft or from loss of client information (you could even be covered for a data breach when leaving a laptop in a taxi). Expenses include the cost of business interruption, forensic investigation and data recovery, extortion (a fancy word for virtual hostage!) and crisis management costs to salvage your business reputation after a data breach from a cyber attack. The policy also covers the financially crippling costs of defending yourself, mandatory notification costs and other legal costs.

In a nutshell, your customer data is sacred. If you don’t protect it properly, your business may be fed to the wolves.

If you’re still not convinced your business may be at risk, here are the cold hard facts about doing business in today’s technically advanced world:

‘Unisys Security Index – Australia, 2011’ revealed that 85% of Australians would stop dealing with an organisation if their data was breached.

The average cost of a data breach in Australia, from Symantec’s 2011 Cost of Data Breach Study, is $2.16 million.

No business is safe and in November last year, computer hackers from a Romanian syndicate allegedly accessed the IT systems of 100 small Australian retail outlets and stole credit card details of over 500,000 customers.

Independent feedback from our customers rated our service at excellent.

What is included?

Business interruption costs

Investigation and data recovery costs

Fines and penalties

Extortion costs

PR and crisis management costs

What is typically NOT covered?

Replacement equipment

Property Damage

Prior known facts/instances

Intentional Acts

Get the cover that is right for you

Policies available through BizCover you can choose between $50k to $2m

Sit back for a minute and think about this….it might be the first time you have considered the impact on your business if your website was taken offline? Or could your business survive losing face in the community, and the associated losses, of your customer’s personal details being stolen? Each business will require a different amount of cover and this depends on:

The type of risks to your business and quantifying costs to cover those breaches

The cover you already have in place

Cover your suppliers, like cloud data storage suppliers, have in place

Could this happen to you?

Hackers are alive and well and get a thrill out of making business owners sweat. Cyber Liability Insurance can reduce your risks and help you rest easy knowing your business is covered from even the craftiest of criminals.

The link effect

An online retailer’s website was defaced and included a link to a competing retailers website when hackers gained access to personal information and took control of their website. $800K was paid out for the loss of income, cost to repair the website and defence costs.

Lost property

A sports drug testing consultant accidentally left his laptop at a sports ground. The results of his tests were time sensitive and as a result of the lost laptop he breached his contract. $70k was paid out for Business Interruption, notification costs for potential medical & PII breach and defence costs. He was able to claim $70,000 for business interruption, notification costs and defence costs for the breach of privacy.

Get in Touch

BizCover™ Pty Ltd (ABN 68 127 707 975; AR 338440) is a corporate authorised representative of Mega Capital Pty Ltd (ABN 37 098 080 418; AFSL 238549). Please note that BizCover™ acts as the agents of the insurer in respect of the insurance products offered on this website and not as your agent. Any advice does not consider your individual needs. You should consider if the insurance is suitable for you and read the Product Disclosure Statement or policy wording before buying the insurance.

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